U.S. stock futures are blazing a path higher this morning, as Wall Street cheers a raft better-than-expected quarterly reports in the tech sector. Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) all posted strong quarterly results, impressing traders and providing lift across the board for the major market indices.

In fact, futures are broadly higher heading into the open, with futures on the Dow Jones Industrial Average up 0.12%, S&P 500 futures higher by 0.21% and Nasdaq-100 futures leading the way with a gain of 0.64%.

On the options front, equity option volume dipped a bit on Thursday, but still remained well above average for the past month. Overall, about 16.5 million calls and 13.8 million puts crossed the tape yesterday. On the CBOE, the single-session equity put/call volume ratio reversed course yet again, dropping to 0.61 and sending the 10-day moving average a notch lower to 0.66.

Taking a closer look at Thursday’s options activity, Twitter Inc (NYSE:TWTR) rocketed higher on strong options volume after the company it said it “will likely be GAAP profitable” in the fourth quarter if it hits the upper end of its estimates. Meanwhile, Microsoft attracted a wave of call option volume ahead of last night’s quarterly earnings report, while Celgene Corporation (NASDAQ:CELG) puts piled up on a lowered long-term outlook.

Twitter Inc (TWTR)

Twitter is finally showing investors that it is worth more than a potential takeover target. Riding a wave of cost cutting and third-party data deals, Twitter posted better-than-expected earnings, revenue and monthly active user growth. The kicker, however, was the fact that Twitter, which has not turned in a profitable quarter since its IPO in 2013, said that if will end that streak if it hits the high end of its fourth-quarter forecasts.

TWTR stock surged more than 18% on the news, and options traders were quick to chase the rally. Volume spiked to 488,000 contracts — nearly 10 times Twitter’s daily average — while calls made up 71% of the day’s take.

Looking out to November, options speculators have high hopes for a continued rally, with the put/call open interest ratio arriving at 0.54, as bullish calls nearly double bearish puts for the series.

Microsoft Corporation (MSFT)

Microsoft options traders were betting big ahead of last night’s quarterly report. Volume on MSFT stock climbed to over 264,000 contracts, or roughly 2.8 times the stock’s daily average. Calls held a firm grip on yesterday’s trading, gobbling up 62% of the day’s take.

It seems call options were smart money, as MSFT stock is up more than 4% premarket after Microsoft posted another blowout quarter. Microsoft’s cloud business was the real winner, though, with revenue jumping nearly 14% to $6.92 billion, beating expectations for $6.70 billion in revenue. A closer look reveals that Azure, Microsoft’s web services division, saw sales rise 90% year-over-year.

Optimism is also holding firm for MSFT stock in the November options series. The front-month put/call OI ratio has declined to 0.69 in recent weeks, and is sure to take a trip lower today as options speculators chase MSFT’s rally.

Celgene Corporation (CELG)

The problem with long-term guidance is that it can come back to bite you several years down the road. Such was the case with Celgene yesterday. The company posted weaker-than-expected third-quarter results, but traders were more focused on Celgene’s lowered 2020 revenue outlook.

A rising threat from generics and a slowdown in sales for the company’s headline drugs, Otezla and Revlimid, prompted Celgene to cut its 2017 outlook to $13 billion, compared with previous guidance of $13 billion to $13.4 billion, and cut its 2020 guidance.

CELG options traders responded not with pessimism, however, but with hopes for a rebound. Volume came in at 263,000 contracts, more than nine times the daily average, while calls made up 65% of the day’s take.

With CELG stock down more than 16% yesterday, I would suspect some heavy call selling in this mix, or, at least, roll-downs of existing positions from now deep out-of-the-money strikes.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.